Oil Country Tubular Goods Market Size, Share & Segmentation by Manufacturing Process (Electric Resistance Welded (ERW) and Seamless), by Product (Well Casing, Product tubing, Drill Pipe, Others), by Application (Onshore and Offshore), by Regions and Global Market Forecast 2023-2030
Report Id: SNS/EQIP/1202 | May 2022 | Region: Global | 120 Pages
Report Scope & Overview:
Oil Country Tubular Goods Market size was valued at USD 21.62 Bn in 2022 and is expected to reach at USD 36.88 Bn by 2030, and grow at a CAGR of 6.9 % over the forecast period 2023-2030.
Oil Country Tubular Goods is a category of tubular products that are subjected to loading conditions according to on their specialized use, such as drill pipe, casing, line pipe, and tubing. Because of its adaptability and safety, the American Petroleum Institute grade is extensively utilized across the world. API's principal purpose is to create draught standards for the oil and petroleum sector in order to assure the safety and dependability of industrial machinery. Premium-grade items adhere to the International Organization for Standardization's specifications. Tubular items from the oil industry are used in onshore and offshore exploration and extraction facilities. Between the casings and the wellbore, cement or other materials are usually used to keep them in place. It also keeps undesirable fluids and gases out of the well.
MARKET DYNAMICS:
KEY DRIVERS:
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Exploration and production activities should be increased.
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Sour crude production is increasing.
RESTRAINTS:
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Worldwide crude oil prices are a source of uncertainty.
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OCTG failure during exploration and production operations.
OPPORTUNITY:
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Fast economic growth and technological advancements in underdeveloped countries
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Governments and commercial companies are both interested in finding new oil well reserves.
CHALLENGES:
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The capital expenditure required to produce seamless OCTG is substantial.
IMPACT OF COVID-19:
The COVID-19 outbreak has severely damaged the worldwide Oil Country Tubular Goods market. The epidemic has harmed a variety of businesses and slowed global economic growth. Because of the lockout and inefficient transfer between nations, it has a significant influence on energy networks all around the world. Due to the protracted lockdown in major nations such as the United States, China, Japan, India, and Germany, the emergence of the pandemic resulted in the partial or entire shutdown of non-essential manufacturing facilities. The oil and gas business has been badly impacted by the epidemic, since most nations across the world have placed lockdown restrictions, affecting the import and export of products and services, resulting in a drop in oil and gas sales.
MARKET ESTIMATION:
The seamless segment dominates the worldwide Oil Country Tubular Goods market. Seamless tube is becoming used in the oil and gas sector because they can be extruded and pulled from a billet. In comparison to welded tubes, it also has a wider range of safety features. A seamless tube is typically short in length and does not exhibit any signs of corrosion unless it is exposed to a severely corrosive environment. The increased exploration operations in off-shore areas, as well as the redevelopment of many oil fields, are likely to give abundant chances for the expansion of the Oil Country Tubular Goods market's smooth process.
The good casing sector dominates the worldwide Oil Country Tubular Goods market. Well, the casing is a big diameter pipe put into the borehole's drilled segment. Between the casings and the wellbore, cement or other materials are usually used to keep the casing in place. It is regarded as an important aspect of the well-completion process. The rise in demand for good casing in this market is primarily due to the fact that it aids in the drilling process in several ways, including providing a strong foundation to allow the use of high-density drilling fluid to continue drilling deeper and providing a smooth internal bore for installing production equipment, all of which are expected to provide ample opportunities for well casing growth in the Oil Country Tubular Goods market.
The onshore sector dominates the worldwide Oil Country Tubular Goods market. Onshore refers to land-based processes related to offshore oil, gas, or condensate production. Large crude oil tanks for initial storage of oil prior to processing can be seen at an onshore oil terminal. When oil is supplied by a tanker, tanks offer a buffer capacity. The increased demand for oil and gas to develop a wide range of chemical products and fuel in the automotive sector has led to the exploration of onshore oil fields, which has increased the demand for oil country tubular goods for the transportation of crude oil, which is expected to provide ample opportunities for the onshore segment of the Oil Country Tubular Goods market to grow.
KEY MARKET SEGMENTS:
On the Basis of Manufacturing Process
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Electric Resistance Welded (ERW)
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Seamless
On the Basis of Product
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Well Casing
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Product tubing
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Drill Pipe
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Others
On the Basis of Application
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Onshore
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Offshore
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REGIONAL ANALYSIS:
For the projected period of 2022-2028, the worldwide oil country tubular products market is predicted to develop at a healthy rate. The Asia-Pacific region is expected to dominate the worldwide tubular products market for oil-producing countries. As a result of its substantial expansion in oil and gas exploration and production, China is expected to be a prominent country in the cited region. Due to extensive shale gas reserves and increased demand for drilling activities, the North American market is likely to develop rapidly over the forecast period.
REGIONAL COVERAGE:
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North America
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USA
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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KEY PLAYERS:
The major key players are ArcelorMittal SA, Evraz North America plc, Iljin steel corporation, Jfe steel corporation Nov inc., Oil country tubular limited, Sumitomo corporation, Tenaris, Tmk inc., U.s. steel corporation.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 21.62 Billion |
| Market Size by 2030 | US$ 36.88 Billion |
| CAGR | CAGR 6.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Manufacturing Process (Electric Resistance Welded (ERW) and Seamless) • by Product (Well Casing, Product tubing, Drill Pipe, Others) • by Application (Onshore and Offshore) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ArcelorMittal SA, Evraz North America plc, Iljin steel corporation, Jfe steel corporation Nov inc., Oil country tubular limited, Sumitomo corporation, Tenaris, Tmk inc., U.s. steel corporation. |
| Key Drivers | •Exploration and production activities should be increased. •Sour crude production is increasing. |
| Restraints | •Worldwide crude oil prices are a source of uncertainty. •OCTG failure during exploration and production operations. |
Frequently Asked Questions (FAQ) :
What are the challenges that will be faced by Oil Country Tubular Goods market?
Ans: - The capital expenditure required to produce seamless OCTG is substantial.
What is the forecast period of the Oil Country Tubular Goods t according to the research report?
Ans: - The forecast period of the Oil Country Tubular Goods market is 2022-2028.
Which region accounted largest market share for the Oil Country Tubular Goods market?
Ans: - The Asia-Pacific region is expected to dominate the worldwide market.
What are the most important growth tactics for Downhole Tools Market Players?
Ans. The primary growth tactics of Oil Country Tubular Goods market participants include merger and acquisition, business expansion, and product launch.
Who are the key stakeholders of the Oil Country Tubular Goods market study?
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Oil Country Tubular Goods Market Segmentation, by Manufacturing Process
8.1 Electric Resistance Welded (ERW)
8.2 Seamless
9. Oil Country Tubular Goods Market Segmentation, by Product
9.1 Well Casing
9.2 Product tubing
9.3 Drill Pipe
9.4 Others
10. Oil Country Tubular Goods Market Segmentation, by Application
10.1 Onshore
10.2 Offshore
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 ArcelorMittal SA
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Evraz North America plc
12.3 Iljin steel corporation
12.4 Sumitomo corporation
12.5 Nov inc.
12.6 U.s. steel corporation
12.7 Oil country tubular limited
12.8 Tenaris
12.9 Jfe steel corporation
12.10 Tmk inc.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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